The scheme follows the partnership made between the parties on 6 July. Credit: HJBC via Shutterstock.

Carrefour and real estate operator Nexity have jointly launched the ‘Villes et Commerces’ property venture, marking a significant milestone in their strategic alliance. 

The project will see the upgrade of 76 Carrefour sites across France through urban mixed-use projects. This initiative follows the announcement of their long-term partnership on 6 July 2023, and is poised to revolutionise the urban landscape.

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Carrefour currently operates a multiformat network of over 14,000 stores in more than 40 countries.

Nationwide urban regeneration at scale

The heart of this collaboration lies in the urban mixed-use projects planned for the 76 Carrefour sites. Carrefour will contribute an initial portfolio of 69 sites to the venture, establishing a joint ownership structure with Nexity (80% Carrefour, 20% Nexity).

Carrefour and Nexity aim to develop mixed-use programmes that meet high environmental standards, encompassing housing, serviced residences, retail space, offices, and hotels. 

Among the 76 sites, 40 city-centre locations will undergo complete redevelopment, including the integration of a food sales area. The remaining 36 sites, situated on the outskirts or in commercial areas, will repurpose existing parking spaces for urban projects. 

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Collectively, these sites cover approximately 800,000m², contributing to the creation of 12,000 homes, 120,000m² of retail space, 10,000m² of office space, and 17,000m² of hotel space.

Strategic alignment with green initiatives

This partnership seamlessly aligns with the strategic plans of both Carrefour and Nexity. For Carrefour, it is a pivotal element of the Carrefour 2026 Strategic Plan, emphasising the integration of Carrefour centres into redeveloped neighbourhoods, supporting green transitions, and promoting sustainable local mobility.

The initiative addresses challenges such as urban sprawl and promotes the energy transition.

Each site will boast its unique mixed-use programme, tailored to the specific needs and expectations of the local authority, with the majority of development vehicles being owned by Nexity.